Down Payment Assistance for FHA Borrowers
Hi Everyone,
The President just signed a Bill last week banning the use of Down Payment Assistance for FHA borrowers. The new law takes into affect October 1st 2008. Flagstar Bank will still underwrite and approve Down Payment Assistance as long as the loan closes on or before September 30th, 2008. This is the last chance for a borrower to take advantage of basically 100% financing. Our minimum credit score requirement for FHA with down payment assistance is 550 compared to other lenders who have raised there score requirement to 580 or above. Our underwriting staff has the ability to manually underwrite a loan when the automated system does not approve a loan.
We also allow spot approvals for condo building's not FHA approved. This is a simple condo questionnaire filled out by the condo association or representative of the management company and the underwriter will approve as long as each question is answered with a Yes. I can forward this form to anyone if needed to review for a potential condo building.
Regards,Christopher Carey
Manager312.927.0978 Direct847.620.0648 E-FaxFlagstar Bank - Home Lending Center1920 Highland Ave. Lombard, IL 60148
If you know of someone looking to buy or sell a home, referrals are greatly appreciated!Work with a reputible Bank and a loan officer wtih over 10 years experience!
The President just signed a Bill last week banning the use of Down Payment Assistance for FHA borrowers. The new law takes into affect October 1st 2008. Flagstar Bank will still underwrite and approve Down Payment Assistance as long as the loan closes on or before September 30th, 2008. This is the last chance for a borrower to take advantage of basically 100% financing. Our minimum credit score requirement for FHA with down payment assistance is 550 compared to other lenders who have raised there score requirement to 580 or above. Our underwriting staff has the ability to manually underwrite a loan when the automated system does not approve a loan.
We also allow spot approvals for condo building's not FHA approved. This is a simple condo questionnaire filled out by the condo association or representative of the management company and the underwriter will approve as long as each question is answered with a Yes. I can forward this form to anyone if needed to review for a potential condo building.
Regards,Christopher Carey
Manager312.927.0978 Direct847.620.0648 E-FaxFlagstar Bank - Home Lending Center1920 Highland Ave. Lombard, IL 60148
If you know of someone looking to buy or sell a home, referrals are greatly appreciated!Work with a reputible Bank and a loan officer wtih over 10 years experience!
Labels: christopher carey, condos lending, fha, lending, loans
posted by Lefkowitz & Associates Real Estate at 10:52 AM
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